Distribution set at $150,000 for each of NSEDC’s member communities to direct toward their highest priorities
NSEDC communities to receive $2,250,000 in Community Benefit Shares Distribution set at $150,000 for each of NSEDC’s member communities to direct toward their highest priorities NOME—Buoyed by another year of strong financial performance, Norton Sound Economic Development Corporation’s (NSEDC) Board of Directors has continued their tradition of sharing the success with the organization’s 15 member communities.
NSEDC has informed the municipality in each community of a $150,000 distribution for the 2014 Community Benefit Share, continuing its commitment to provide member communities with the financial support to address community priorities. The NSEDC Board approved the share at their quarterly meeting in November, in time for the holiday season and the start of the New Year.
Since the inception of the program in 1999, NSEDC has designated nearly $21.5 million in direct financial support to member communities. The share has increased several times since the first distribution when $10,000 was given to each community. Successful Bering Sea commercial fishing operations and wise financial management continues to allow NSEDC to apply revenues to its benefits programs for member communities.
In the spirit of self-governance, the Community Benefit Share is set up to provide member communities a say in how the funds are spent. The decisions on how to use the funds must go through a public process at the municipal level through either a regular or special city council meeting. The 2014 Community Benefit Share will be distributed to the respective city governments as soon as the cities report back to NSEDC on the intended uses of the funds and an audit of the previous year’s Community Benefit Share expenditures.
“Our financial assets have grown over the years, and we are pleased that our communities have been able to receive this direct benefit from the returns in our investments,” said NSEDC Board Chairman Dan Harrelson. “For 16 years, the Community Benefit Share has successfully provided communities with the resources to address their needs—with input and guidance from their residents. NSEDC’s staff and Board, alike, work hard to ensure our revenue can continue to provide for programs like this in the future.”